The Born Korea Sets IPO Price at 34,000 Won, Exceeding Upper Band... Competition Ratio at 734.67 to 1

The leading food service culture company in South Korea, The Born Korea (co-CEOs Baek Jong-won and Kang Seok-won), announced on the 25th that the final public offering price was set at 34,000 KRW, exceeding the upper limit of the expected price band (23,000 to 28,000 KRW), following a demand forecast conducted for domestic and international institutional investors.

The demand forecast, conducted over five days from the 18th to the 24th, saw participation from 2,216 institutions domestically and abroad, recording a competition rate of 734.67 to 1. Based on the finalized public offering price of 34,000 KRW, the total public offering amount is 102 billion KRW, and the market capitalization after listing is approximately 491.8 billion KRW. Of the institutions participating in the demand forecast, 99.73% proposed prices at or above the upper limit of the offering band based on their participation volume.

Founded in 1994, The Born Korea operates the ‘food service business’ based on 25 food service franchises including Baekdabang, Hongkong Banjeom, Saemaeul Sikdang, Hanshin Pocha, and Yeokjeon Udon, the ‘distribution business’ providing various products such as HMR (Home Meal Replacement), processed foods, and sauces to consumers, and the ‘hotel business’ through The Born Hotel in Jeju Island.

After listing, The Born Korea plans to evolve into a true global comprehensive food company through business advancement and global business expansion. It will enhance its food service business and expand B2B distribution channels to enterprises and military meal services to secure stable sales. The company also plans to accelerate regional development projects to diversify its sales portfolio and distribute sauces and other products tailored to local dietary habits and trends mainly to overseas franchise stores, aiming to become a genuine global comprehensive food company leading K-Food.

A representative of The Born Korea said, “We thank the investors who actively participated in the demand forecast, believing in The Born Korea’s corporate value and growth potential,” and added, “Even after listing, we will prioritize coexistence with franchise stores and local communities through regional development projects, striving to become The Born Korea that grows together with everyone.”

Meanwhile, The Born Korea is scheduled to conduct a general subscription over two days on the 28th and 29th and to be listed on the Korea Exchange on November 6. The lead underwriters are Korea Investment & Securities and NH Investment & Securities.